BEIJING, Aug. 8, 2018 /PRNewswire/ -- Autohome Inc. (NYSE:
ATHM) ("Autohome" or the "Company"), the leading online destination
for automobile consumers in China,
today announced its unaudited financial results for the second
quarter ended June 30, 2018.
Second Quarter 2018
Financial Highlights[1]
- Net Revenues in the second quarter of 2018 were
RMB1,868.9 million ($282.4 million), exceeding the high end of the
Company's original guidance of RMB1,800.0
million ($272.0 million).
- Net Income attributable to Autohome Inc. in the second
quarter of 2018 was RMB691.6 million
($104.5 million), compared to
RMB517.7 million in the corresponding
period of 2017.
- Adjusted net income attributable to Autohome Inc. in the
second quarter of 2018 was RMB744.3
million ($112.5 million),
compared to RMB565.2 million in the
corresponding period of 2017.
Adoption of ASC 606, Revenue from Contracts with
Customers
In May 2014, the FASB issued a new
standard related to revenue recognition and further issued several
amendments and updates to the new revenue guidance. The Company has
finalized its analysis and the most significant impact is the
change of the presentation of value-added tax from gross basis to
net basis. The Company adopted this guidance effective January 1, 2018 using the modified retrospective
method. The comparative information has not been restated and
continues to be reported under the accounting standards in effect
for those periods.
To provide investors with meaningful year-over-year comparison,
the Company has provided a reconciliation table for the impact of
adopting this new revenue guidance for the second quarter of 2018
and corresponding period in 2017, as adjusted, which was related to
the change in presentation of value-added tax from gross basis to
net basis.
[1] The reporting
currency of the Company is Renminbi ("RMB"). For the convenience of
readers, certain amounts throughout the release are presented in US
dollars ("$"). Unless otherwise noted, all conversions from RMB to
US$ are translated at the noon buying rate of US$1.00 to RMB 6.6171
on June 29, 2018 in the City of New York for cable transfers of RMB
as certified for customs purposes by the Federal Reserve Bank of
New York. No representation is made that the RMB amounts could have
been, or could be, converted into US$ at such rate.
|
|
|
For the three
months ended June 30, 2018
|
|
|
Under ASC
605
|
|
Adjustments
related to new revenue guidance
|
|
Under ASC
606
|
Net
revenues
|
|
|
|
|
|
|
Media
services
|
|
986,041
|
|
(55,813)
|
|
930,228
|
Leads generation
services
|
|
842,307
|
|
(102,332)
|
|
739,975
|
Online marketplace
and others
|
|
214,172
|
|
(15,492)
|
|
198,680
|
Total net
revenues
|
|
2,042,520
|
|
(173,637)
|
|
1,868,883
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(307,550)
|
|
98,859
|
|
(208,691)
|
Gross
profit
|
|
1,734,970
|
|
(74,778)
|
|
1,660,192
|
|
|
|
|
|
|
|
Operating
profit
|
|
748,359
|
|
-
|
|
748,359
|
Net
income attributable to Autohome Inc.
|
|
691,630
|
|
-
|
|
691,630
|
|
|
For the three
months ended June 30, 2017
|
|
|
Under ASC
605
|
|
Adjustments
related to new revenue guidance
|
|
Under ASC
606
|
Net
revenues
|
|
|
|
|
|
|
Media
services
|
|
793,772
|
|
(46,880)
|
|
746,892
|
Leads generation
services
|
|
659,690
|
|
(81,615)
|
|
578,075
|
Online marketplace
and others
|
|
108,506
|
|
(11,212)
|
|
97,294
|
Total net
revenues
|
|
1,561,968
|
|
(139,707)
|
|
1,422,261
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(287,390)
|
|
85,178
|
|
(202,212)
|
Gross
profit
|
|
1,274,578
|
|
(54,529)
|
|
1,220,049
|
|
|
|
|
|
|
|
Operating
profit
|
|
567,799
|
|
-
|
|
567,799
|
Net
income attributable to Autohome
Inc.
|
|
517,724
|
|
-
|
|
517,724
|
For the ease of readers, the operational results are discussed
and analyzed under the new revenue guidance, including those for
the comparative period in 2017.
Second Quarter 2018 Operational Highlights
- Mobile Traffic Leadership Continues: According to Quest
Mobile, during the second quarter of 2018, the number of average
daily unique visitors who accessed the Company's primary "Autohome"
application reached 10.3 million, representing an increase of 54%
compared to the second quarter of 2017, further solidifying the
Company's dominant position among auto vertical applications in
China.
- Expanding Platform with Data-driven Professional Generated
Content (PGC): The Company's automobile content platform
continued to be the best-in-class with the number of professional
content contributors increasing 25% sequentially, and the amount of
content posted, including articles and videos, increasing 150%
sequentially. Autohome is expanding collaboration with automakers,
key opinion leaders (KOLs), professional experts, social media,
etc. In addition, Autohome has further diversified its
content production by launching nine columns, including celebrity
talk show, gourmet on the road, animated car showcase, comedian car
review, cars for HER, cars and culture, road music, industry
opinion interview, and test drive.
- Optimizing Used Car Transaction under C2B2C Model: The
Company's recent US$100 million
investment in TTP Car Inc. ("TTP") is aimed at accelerating
the online transaction for used cars. The strategic investment in
TTP will significantly drive the overall traffic, C2B automobile
sourcing, dealer participation, and financing options for TTP. In
addition, the Company has launched "Autohome Trusted Alliances"
with qualified used car dealers to facilitate more precise matching
and transactions for B2C business. The Company's respective
strategic partnerships with TTP and the carefully selected
high-quality offline dealers are a major milestone for the
Company's C2B2C model execution in extending audience reach for
better targeting, improving used cars sourcing and transparency,
increasing sales leads generation and transaction services, as well
as broadening the necessary financing support.
Mr. Min Lu, Chairman of the Board
and Chief Executive Officer of Autohome, stated, "We are pleased to
report solid second quarter results with continued revenue growth,
which again exceeded our guidance. Our core media and leads
generation businesses remain strong across all key metrics,
including user numbers, brand recognition, user engagement, and
automaker/dealer partnerships. In addition, our new businesses of
auto financing and data products continued to demonstrate
significant growth momentum in the first half of 2018. The
differentiated value propositions of our core and new service
offerings are key to attracting and engaging a large user base and
providing automakers and dealers with innovative and cost-efficient
marketing solutions. We will continue our efforts to stay at the
forefront of advanced technology and innovative solutions, fueling
continued growth and further solidifying our competitive
strengths."
Mr. Jun Zou, Chief Financial
Officer, added, "We are delighted to report continued excellent
progress of our core and new business initiatives, which resulted
in solid revenue growth momentum, consistent market share gains,
high profitability and a strong balance sheet. Given the continued
demand for our core and new offerings, including media, leads
generation, auto financing, and data products, we are confident in
Autohome's leading brand position and our strategic endeavors to
further monetize these four business pillars
within China's tremendous automobile market."
Overview of Key Financial Results for Second Quarter
2018
Key Financial Results
(In RMB Millions
except for per share data)
|
2Q2017
|
2Q2018
|
%
Change
|
Net
Revenues
|
1,422.3
|
1,868.9
|
31.4%
|
Net Income
attributable to Autohome Inc.
|
517.7
|
691.6
|
33.6%
|
Adjusted Net Income
attributable to Autohome Inc.[2]
|
565.2
|
744.3
|
31.7%
|
Diluted Earnings Per
Share[3]
|
4.40
|
5.79
|
31.6%
|
Unaudited Second Quarter 2018 Financial
Results
Net Revenues
Net revenues in the second quarter of 2018 were RMB1,868.9 million ($282.4
million) compared to RMB1,422.3
million in the corresponding period of
2017.
- Media services revenues increased 24.5% to RMB930.2 million ($140.6
million) from RMB746.9 million in the corresponding period
of 2017. The increase was mainly attributable to an increase in
average revenue per automaker advertiser as automakers continue to
allocate a greater portion of their advertising budgets to
Autohome, with an increasingly diversified and optimized portfolio
of products being offered.
- Leads generation services revenues increased 28.0%
to RMB740.0 million ($111.8 million) from RMB578.1 million in the corresponding period of
2017. The increase was primarily attributable to a 18.2%
year-over-year increase in average revenue per paying dealer as
dealers continue to allocate a greater portion of their budgets to
the Company's services, as well as an expanded dealer client
base.
- Online marketplace and others revenues increased 104.2%
to RMB198.7 million ($30.0 million) from RMB97.3 million in the corresponding period
of 2017, primarily due to the increased contribution from
auto-financing business and data products. Online marketplace and
others revenues in the second quarter of 2018 consisted of revenues
related to new car and used car marketplace, auto-financing
business, data products and others.
[2] Adjusted net
income attributable to Autohome Inc. is defined as net income
attributable to Autohome Inc. excluding share-based compensation
expenses and amortization expenses of intangible assets related to
acquisitions. For more information on this and other non-GAAP
financial measures, please see the section captioned "Use of
Non-GAAP Financial Measures" and the tables captioned
"Reconciliations of Non-GAAP and GAAP Results" set forth at the end
of this release.
|
[3] Each ordinary
share equals one ADS.
|
Cost of Revenues
Cost of revenues increased 3.2% to RMB208.7 million ($31.5
million) from RMB202.2 million in the corresponding period
of 2017. Excluding the cost of direct vehicle sales, cost of
revenues would have increased 34.9% to RMB208.7 million ($31.5
million) from RMB154.7 million
in the corresponding period of 2017. In addition, cost of revenues
included share-based compensation expenses of RMB7.1 million ($1.1 million) during the second quarter of
2018, compared to RMB3.4 million for
the corresponding period of 2017.
Operating Expenses
Operating expenses were RMB987.5
million ($149.2 million) in
the second quarter of 2018, compared to RMB707.3 million in the corresponding period of
2017. The increase was mainly due to increases in sales and
marketing expenses and product development expenses as the Company
continues to reinvest in future growth opportunities.
- Sales and marketing expenses were RMB588.0 million ($88.9
million) in the second quarter of 2018, compared to
RMB412.3 million in the corresponding
period of 2017. The increase was primarily attributable to an
increase in offline execution and branding expenses. Sales and
marketing expenses for the second quarter of 2018 included
share-based compensation expenses of RMB13.9
million ($2.1 million),
compared with RMB13.7 million in the
corresponding period of 2017.
- General and administrative expenses were RMB86.4 million ($13.1
million) in the second quarter of 2018, compared to
RMB79.7 million in the corresponding
period of 2017. The increase was primarily attributable to an
increase in salaries and benefits. General and administrative
expenses for the second quarter of 2018 included share-based
compensation expenses of RMB15.7
million ($2.4 million),
compared with RMB16.9 million in the
corresponding period of 2017.
- Product development expenses were RMB313.1 million ($47.3
million) in the second quarter of 2018, compared to
RMB215.4 million in the corresponding
period of 2017. The increase was primarily attributable to an
increase in salaries and benefits. Product development expenses for
the second quarter of 2018 included share-based compensation
expenses of RMB14.9 million
($2.3 million), compared with
RMB12.3 million in the corresponding
period of 2017.
Operating Profit
Operating profit increased 31.8% to RMB748.4 million ($113.1 million) from RMB567.8 million in the corresponding period of
2017.
Income tax expense
Income tax expense increased 43.3% to RMB145.1 million ($21.9
million) in the second quarter of 2018, from RMB101.2 million in the corresponding period of
2017, primarily attributable to an increase in taxable income.
Net Income attributable to Autohome Inc. and
EPS
Net income attributable to Autohome increased 33.6% to
RMB691.6 million ($104.5 million) from RMB517.7 million in the corresponding period
of 2017. Basic and diluted earnings per share/per ADS
("EPS") were RMB5.89
($0.89) and RMB5.79 ($0.88),
respectively, compared to basic and diluted EPS in the
corresponding period of 2017 of RMB4.46 and RMB4.40, respectively.
Adjusted Net Income attributable to Autohome Inc.
and Non-GAAP EPS
Adjusted net income attributable to Autohome Inc. (Non-GAAP),
defined as net income attributable to Autohome Inc. excluding
share-based compensation expenses and amortization expenses of
intangible assets related to acquisitions, increased 31.7% to
RMB744.3 million ($112.5 million) from RMB565.2 million in the corresponding period
of 2017. Non-GAAP basic and diluted EPS were RMB6.33 ($0.96) and
RMB6.23 ($0.94), respectively,
compared to non-GAAP basic and diluted EPS in the corresponding
period of 2017 of RMB4.87 and
RMB4.80, respectively.
Balance Sheet and Cash Flow
As of June 30, 2018, the Company
had cash and cash equivalents and short-term investments of
RMB7,685.0 million ($1,161.4 million). Net cash provided by
operating activities in the second quarter of 2018 was RMB333.5 million ($50.4 million), compared to RMB107.2 million in the corresponding period of
2017.
Employees
The Company had 4,030 employees as of June 30, 2018.
Strategic Investment in TTP Car Inc. ("TTP")
In the second quarter of 2018, Autohome completed a strategic
investment in TTP, a company operating an online auction platform
for used automobiles, Autohome invested US$100 million cash to subscribe to a
three-year convertible bond issued by TTP, which bears an interest
rate of 8% per annum. In addition, within three years after
the closing, Autohome has the right to purchase
additional 8.0% convertible bonds in an aggregate principal amount
of up to $65 million to be
issued by TTP upon Autohome's request from time to
time.
Business Outlook
Autohome currently expects to generate net revenues in the range
of RMB1,850 million ($279.6 million) to RMB1,870 million ($282.6
million) in the third quarter of fiscal year 2018,
representing a 30.8% to 32.2% year-over-year increase. If excluding
direct vehicle sales, this represents a 32.3% to 33.7%
year-over-year increase. This forecast reflects the Company's
current and preliminary view on the market and its operating
conditions, which are subject to change.
Starting on January 1, 2018,
Autohome adopted a new revenue recognition accounting standard ASC
606. Under ASC 606, the most significant impact on Autohome will be
the change of presentation of value-added tax from gross basis to
net basis. The above guidance reflects revenues net of value-added
tax under the new revenue recognition standard. If presented on
gross basis including value-added tax, the same basis as that for
the year 2017, net revenues are expected to be between RMB2,025 million ($306.0
million) to RMB2,045 million
($309.0 million) in the third quarter
of fiscal year 2018.
Conference Call Information
The Company will host an earnings conference call at
8:00 AM U.S. Eastern Time on
Wednesday, August 8, 2018
(8:00 PM Beijing Time on the same
day).
Dial-in details for the earnings conference call are as
follows:
United
States:
|
+1-855-824-5644
|
Hong
Kong:
|
+852-3027-6500
|
China
Domestic:
|
8009-880-563
|
United
Kingdom:
|
0800-026-1542
|
International:
|
+1-646-722-4977
|
Passcode:
|
93462305#
|
Please dial in ten minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following numbers until August 14,
2018:
United
States:
|
+1-646-982-0473
|
International:
|
+61-2-8325-2405
|
Passcode:
|
319295520#
|
Additionally, a live and archived webcast of the conference call
will be available at http://ir.autohome.com.cn.
About Autohome Inc.
Autohome Inc. (NYSE: ATHM) is the leading online destination for
automobile consumers in China. Its mission is to enhance the
car-buying and ownership experience for auto consumers in
China. Autohome provides
professionally produced and user-generated content, a comprehensive
automobile library, and extensive automobile listing information to
automobile consumers, covering the entire car purchase and
ownership cycle. The ability to reach a large and engaged user base
of automobile consumers has made Autohome a preferred platform for
automakers and dealers to conduct their advertising campaigns.
Further, the Company's dealer subscription and advertising services
allow dealers to market their inventory and services through
Autohome's platform, extending the reach of their physical
showrooms to potentially millions of internet users in China and generating sales leads for them. The
Company offers sales leads, data analysis, and marketing services
to assist automakers and dealers with improving their efficiency
and facilitating transactions. As a transaction-centric company,
Autohome operates its "Autohome Mall," a full-service online
transaction platform, to facilitate transactions for automakers and
dealers. Further, through its websites and mobile
applications, it also provides other value-added services,
including auto financing, auto insurance, used car transactions,
and aftermarket services. For further information, please visit
www.autohome.com.cn.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will", "expects", "anticipates", "future",
"intends", "plans", "believes", "estimates" and similar statements.
Among other things, Autohome's business outlook, Autohome's
strategic and operational plans and quotations from management in
this announcement contain forward-looking statements. Autohome may
also make written or oral forward-looking statements in its
periodic reports to the Securities and Exchange Commission ("SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Autohome's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Autohome's goals and strategies;
Autohome's future business development, results of operations and
financial condition; the expected growth of the online automobile
advertising market in China;
Autohome's ability to attract and retain users and advertisers and
further enhance its brand recognition; Autohome's expectations
regarding demand for and market acceptance of its products and
services; competition in the online automobile advertising
industry; fluctuations in general economic and business conditions
in China and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in Autohome's filings
with the SEC. All information provided in this press release is as
of the date of this press release, and Autohome does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law.
Use of Non-GAAP Financial Measures
To supplement net income presented in accordance with U.S. GAAP,
we use Adjusted Net Income attributable to Autohome Inc., Non-GAAP
basic and diluted EPS and Adjusted EBITDA as non-GAAP financial
measures. We define Adjusted Net Income attributable to Autohome
Inc. as net income attributable to Autohome Inc. excluding
share-based compensation expenses and amortization expenses of
intangible assets related to acquisitions. We define Non-GAAP basic
and diluted EPS as Adjusted Net Income attributable to Autohome
Inc. divided by the basic and diluted weighted average number of
ordinary shares. We define Adjusted EBITDA as net income
attributable to Autohome Inc. before income tax expense/(benefit),
depreciation expenses of property and equipment and amortization
expenses of intangible assets and share-based compensation
expenses. We present these non-GAAP financial measures because they
are used by our management to evaluate our operating performance,
in addition to net income prepared in accordance with U.S. GAAP. We
believe these non-GAAP financial measures are important to help
investors understand our operating and financial performance,
compare business trends among different reporting periods on a
consistent basis and assess our core operating results, as they
exclude certain expenses that are not expected to result in cash
payments. The use of the above non-GAAP financial measures has
certain limitations. Share-based compensation expenses have been
and will continue to be incurred in the future and are not
reflected in the presentation of the non-GAAP financial measures,
but should be considered in the overall evaluation of our results.
These non-GAAP financial measures should be considered in addition
to financial measures prepared in accordance with GAAP, but should
not be considered a substitute for, or superior to, financial
measures prepared in accordance with GAAP. For more information on
these non-GAAP financial measures, please see the table captioned
"Reconciliation of non-GAAP and GAAP Results" set forth at the end
of this press release.
For investor and media inquiries, please contact:
In China:
Autohome Inc.
Investor Relations
Joyce Tang
Tel: +86-10-5985-7483
Email: ir@autohome.com.cn
The Piacente Group, Inc.
Xi
Zhang
Tel: +86-10-5730-6200
E-mail: autohome@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: autohome@tpg-ir.com
AUTOHOME
INC.
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS[4]
|
|
(Amount in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For three
months ended June
30,
|
|
For six
months ended June 30,
|
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Media
services
|
793,772
|
|
930,228
|
|
140,579
|
|
1,309,454
|
|
1,514,378
|
|
228,858
|
|
Leads generation
services
|
659,690
|
|
739,975
|
|
111,828
|
|
1,197,677
|
|
1,350,805
|
|
204,139
|
|
Online marketplace
and others
|
108,506
|
|
198,680
|
|
30,025
|
|
403,198
|
|
291,754
|
|
44,091
|
|
Total net
revenues
|
1,561,968
|
|
1,868,883
|
|
282,432
|
|
2,910,329
|
|
3,156,937
|
|
477,088
|
|
Cost of
revenues
|
(287,390)
|
|
(208,691)
|
|
(31,538)
|
|
(731,983)
|
|
(354,832)
|
|
(53,623)
|
|
Gross
profit
|
1,274,578
|
|
1,660,192
|
|
250,894
|
|
2,178,346
|
|
2,802,105
|
|
423,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
(412,285)
|
|
(588,038)
|
|
(88,866)
|
|
(718,613)
|
|
(986,070)
|
|
(149,018)
|
|
General and
administrative expenses
|
(79,676)
|
|
(86,371)
|
|
(13,053)
|
|
(140,057)
|
|
(149,251)
|
|
(22,555)
|
|
Product development
expenses
|
(215,374)
|
|
(313,121)
|
|
(47,320)
|
|
(405,100)
|
|
(541,911)
|
|
(81,896)
|
|
Total operating
expenses
|
(707,335)
|
|
(987,530)
|
|
(149,239)
|
|
(1,263,770)
|
|
(1,677,232)
|
|
(253,469)
|
|
Other income,
net
|
556
|
|
75,697
|
|
11,440
|
|
10,672
|
|
146,693
|
|
22,169
|
|
Operating
profit
|
567,799
|
|
748,359
|
|
113,095
|
|
925,248
|
|
1,271,566
|
|
192,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
52,524
|
|
88,363
|
|
13,354
|
|
91,414
|
|
152,405
|
|
23,032
|
|
Loss from equity
method investments
|
(2,817)
|
|
(2,314)
|
|
(350)
|
|
(5,436)
|
|
(4,204)
|
|
(635)
|
|
Income before
income taxes
|
617,506
|
|
834,408
|
|
126,099
|
|
1,011,226
|
|
1,419,767
|
|
214,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
(101,227)
|
|
(145,054)
|
|
(21,921)
|
|
(170,012)
|
|
(248,959)
|
|
(37,624)
|
|
Net
income
|
516,279
|
|
689,354
|
|
104,178
|
|
841,214
|
|
1,170,808
|
|
176,938
|
|
Net loss attributable
to noncontrolling interests
|
1,445
|
|
2,276
|
|
344
|
|
3,927
|
|
3,605
|
|
545
|
|
Net income
attributable to Autohome Inc.
|
517,724
|
|
691,630
|
|
104,522
|
|
845,141
|
|
1,174,413
|
|
177,483
|
|
Earnings per share
for ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
4.46
|
|
5.89
|
|
0.89
|
|
7.30
|
|
10.00
|
|
1.51
|
|
Diluted
|
4.40
|
|
5.79
|
|
0.88
|
|
7.20
|
|
9.85
|
|
1.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used to compute earnings per share attributable to Class A
and Class B common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
116,011,952
|
|
117,523,601
|
|
117,523,601
|
|
115,796,241
|
|
117,424,250
|
|
117,424,250
|
|
Diluted
|
117,667,127
|
|
119,396,482
|
|
119,396,482
|
|
117,400,922
|
|
119,287,838
|
|
119,287,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[4] The operating
results for the three and six months ended June 30, 2017 have not
been restated and were presented on a gross basis with the net
revenues and cost of revenues including value-added tax, while
those for the three and six months ended June 30, 2018 were
presented on net basis, with the net revenues and cost of revenues
excluding value-added tax.
|
AUTOHOME
INC.
|
RECONCILIATION OF
NON-GAAP AND GAAP RESULTS
|
(Amount in thousands,
except per share data)
|
|
For three months
ended June 30,
|
|
For six months
ended June 30,
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to Autohome Inc.
|
517,724
|
|
691,630
|
|
104,522
|
|
845,141
|
|
1,174,413
|
|
177,483
|
Plus: income tax
expense
|
101,227
|
|
145,054
|
|
21,921
|
|
170,012
|
|
248,959
|
|
37,624
|
Plus: depreciation of
property and equipment
|
20,599
|
|
20,168
|
|
3,048
|
|
40,215
|
|
41,431
|
|
6,261
|
Plus: amortization of
intangible assets
|
1,145
|
|
2,904
|
|
439
|
|
2,290
|
|
5,808
|
|
878
|
EBITDA
|
640,695
|
|
859,756
|
|
129,930
|
|
1,057,658
|
|
1,470,611
|
|
222,246
|
Plus: share-based
compensation
expenses
|
46,322
|
|
51,564
|
|
7,793
|
|
84,975
|
|
87,599
|
|
13,238
|
Adjusted
EBITDA
|
687,017
|
|
911,320
|
|
137,723
|
|
1,142,633
|
|
1,558,210
|
|
235,484
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Autohome Inc.
|
517,724
|
|
691,630
|
|
104,522
|
|
845,141
|
|
1,174,413
|
|
177,483
|
Plus: amortization of
acquired intangible assets of Cheerbright,
China Topside and Norstar
|
1,139
|
|
1,138
|
|
172
|
|
2,277
|
|
2,276
|
|
344
|
Plus: share-based
compensation expenses
|
46,322
|
|
51,564
|
|
7,793
|
|
84,975
|
|
87,599
|
|
13,238
|
Adjusted Net
Income attributable to Autohome Inc.
|
565,185
|
|
744,332
|
|
112,487
|
|
932,393
|
|
1,264,288
|
|
191,065
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings
per share for
ordinary
shares
|
|
|
|
|
|
|
|
|
|
|
Basic
|
4.87
|
|
6.33
|
|
0.96
|
|
8.05
|
|
10.77
|
|
1.63
|
Diluted
|
4.80
|
|
6.23
|
|
0.94
|
|
7.94
|
|
10.60
|
|
1.60
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used
to compute
earnings per share
attributable to
Class A and
Class B common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
116,011,952
|
|
117,523,601
|
|
117,523,601
|
|
115,796,241
|
|
117,424,250
|
|
117,424,250
|
Diluted
|
117,667,127
|
|
119,396,482
|
|
119,396,482
|
|
117,400,922
|
|
119,287,838
|
|
119,287,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUTOHOME
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amount in thousands,
except as noted)
|
|
|
As of
December 31,
|
|
As of June
30,
|
|
|
2017
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
911,588
|
|
462,679
|
|
69,922
|
Short-term
investments
|
|
7,242,636
|
|
7,222,326
|
|
1,091,464
|
Accounts and notes
receivable, net
|
|
1,893,737
|
|
1,977,058
|
|
298,780
|
Amounts due from
related parties, current
|
|
24,502
|
|
125,307
|
|
18,937
|
Prepaid expenses and
other current assets
|
|
186,123
|
|
223,474
|
|
33,772
|
Total current
assets
|
|
10,258,586
|
|
10,010,844
|
|
1,512,875
|
Non-current
assets
|
|
|
|
|
|
|
Restricted cash,
non-current
|
|
-
|
|
5,000
|
|
756
|
Property and
equipment, net
|
|
130,322
|
|
124,440
|
|
18,806
|
Goodwill and
intangible assets, net
|
|
1,555,201
|
|
1,549,394
|
|
234,150
|
Long-term
investments
|
|
147,929
|
|
143,730
|
|
21,721
|
Deferred tax
assets
|
|
174,620
|
|
161,230
|
|
24,366
|
Other non-current
assets
|
|
28,317
|
|
690,680
|
|
104,378
|
Total non-current
assets
|
|
2,036,389
|
|
2,674,474
|
|
404,177
|
Total
assets
|
|
12,294,975
|
|
12,685,318
|
|
1,917,052
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accrued expenses and
other payables
|
1,658,934
|
|
1,639,513
|
|
247,771
|
Advance from
customers
|
|
70,454
|
|
57,692
|
|
8,719
|
Deferred
revenue
|
|
1,409,485
|
|
1,048,685
|
|
158,481
|
Income tax
payable
|
|
144,379
|
|
204,682
|
|
30,932
|
Amounts due to
related parties
|
|
10,285
|
|
24,416
|
|
3,690
|
Dividends
payable
|
|
595,779
|
|
-
|
|
-
|
Total current
liabilities
|
|
3,889,316
|
|
2,974,988
|
|
449,593
|
Non-current
liabilities
|
|
|
|
|
|
|
Other
liabilities
|
|
32,122
|
|
32,122
|
|
4,854
|
Deferred tax
liabilities
|
|
438,251
|
|
448,812
|
|
67,826
|
Total non-current
liabilities
|
|
470,373
|
|
480,934
|
|
72,680
|
Total
liabilities
|
|
4,359,689
|
|
3,455,922
|
|
522,273
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Total Autohome
Inc.Shareholders' equity
|
|
7,951,637
|
|
9,249,352
|
|
1,397,795
|
Noncontrolling
interests
|
|
(16,351)
|
|
(19,956)
|
|
(3,016)
|
Total
equity
|
|
7,935,286
|
|
9,229,396
|
|
1,394,779
|
Total liabilities
and equity
|
|
12,294,975
|
|
12,685,318
|
|
1,917,052
|
View original
content:http://www.prnewswire.com/news-releases/autohome-inc-announces-unaudited-second-quarter-ended-june-30-2018-financial-results-300693904.html
SOURCE Autohome Inc.